Oil eases from record highs

Oil eases from record highs


Singapore: Oil eased in Asian trade on 5 November from closing record highs ahead of a crucial US-Turkey meeting aimed at resolving a crisis over Kurdish rebels in northern Iraq, dealers said.

New York’s main contract, light sweet crude for December delivery, was off 80 cents at $95.13 a barrel from its closing record high of $95.93 in US trade Friday.

Brent North Sea crude for December delivery dropped 58 cents to $91.50.

“Today we will continue to see a decline when New York opens later," said Steve Rowles, an analyst with CFC Seymour in Hong Kong.

“The fact that we have the Kurdish talks today is a major event... it’s a good time to take profit," he said, referring to the meeting between the US and Turkish leaders later today.

Tensions between Turkey and Kurdish rebels were a major driver behind the spike in oil prices as traders were concerned supplies from the oil-rich Middle East will be disrupted if the crisis spills over into the region.

Turkey has massed an estimated 100,000 troops along the border and threatened a large-scale incursion against Kurdish rebel bases in northern Iraq, site of several Iraqi oil fields.